Altcoin News: Clem Chambers: “the Cryptocurrency Winter Is Over, the Price of Bitcoin Will Rise”
April 18, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
Clem Chambers, general manager of the ADVFN financial market website, believes that the cryptocurrency winter is over and the price of Bitcoin will rise to $10,000 by the end of the year.
All last year I was saying, ‘It’s going down, hopefully to about $2,500.’ It hit the low $3,000s.
Now Bitcoin is going up and I will be saying ‘It’s going up.’ I think it will hit $6,000 soon and go on to $10,000.
At $10,000 I will look to recalibrate.
For now the crypto winter is over.
Here is the chart:
As an argument in favor of his theory, Chambers notes the heightened interest of Chinese investors in the cryptocurrency industry. This is also evidenced by the growth of stable coin Tether in relation to the Chinese yuan on over-the-counter platforms.
“ Money flowing into stablecoins is going to lift bitcoin because fundamentally money flowing into crypto is what sustains and raises prices,” the expert explained.
Chambers touched on the topic of mining new coins. He said that if new units in the Bitcoin network are mined every 10 minutes, then to maintain the price of the first cryptocurrency, you need to invest $9 million daily. And this is on condition that all miners will sell the mined coins. However, many people prefer to “go away” most, so the real amount invested in Bitcoin funds is even lower.
“ That might seem a lot but it is not when you see the scale of modern markets. Gold production is $140 billion, so that’s the amount of fiat that most come into the system to keep its price around $1,300 an ounce,” Chambers says.
Gold is the main tool for hedging risks, so it is obvious that its capitalization of $5 trillion is much higher than that of Bitcoin, which is $90 billion. Chambers drew attention to the fact that, according to Google Trends, the indicator of interest in Bitcoin begins to absorb the indicator of interest. to gold, at least in the USA.
Although if you pay attention to data all over the world, the situation is not that simple.
Chambers says that if Bitcoin takes at least 20% of the gold market, it will reach its previous maximum of $20,000.
“Bitcoin winter is over, the price is going up, the only question is how high. For now $6,000 is an easy target and $10,000 a coin this year is not such a hard target. I’m still accumulating,” said Chambers.
Author: Marko Vidrih
Images credit: Forbes